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Frequently Asked Questions - Home Insurance
- What is RESTORA-HOME?
- A fully fully insured appliance and home systems breakdown protection program.
- What does it cover?
- Range/Oven/Cooktop (gas or electric)
- Built-in Microwave Oven
- Garbage Disposal
- Trash Compactor
- Clothes Washer
- Clothes Dryer
- Garage Door Opener
- Deep Freezer
Home Systems Included:
- Owned Water Heater
- Ductwork, Interior Electrical
- Air Conditioning/Heat Pump
- Sump Pump
- Heating System/Built-in Wall Unit (Primary source of heat for the residence)
- Commission Coverage & Home Closing Coverage
- Appliances Include:
- How much does it cost and how long does coverage last?
RESTORA-HOME 12 Month Appliances only $349.00 12 Month Appliance and Home systems $449.00 (taxes not included)
- What qualifications are necessary for coverage?
- Home must be under 10,000 square feet. Home owner listed on the policy must reside at the residence for a minimum of 6 months during the term. Home systems and appliances must be in good working order and maintained accordingly to qualify for coverage.
- When does coverage begin?
- The protection plan, once paid for, is active 15 days after possession date. If the Closing and commission coverage is purchased the policy must be paid for a minimum of 2 weeks prior to closing and the coverage takes effect immediately. RESTORA-HOME – Closing date.
- What are the policy limits?
- Home Systems - $10,000/yr annual aggregate coverage
- Appliance - $5,000/yr annual aggregate coverage
- Are there any specific product limits?
Yes. The following items have specific maximum limits per policy period:
- Appliances: $5,000
Home Systems: $10,000
- $3,000 – Air conditioning and Heat pump
- $1,500 Hot water or steam circulating system
- If the Product or parts are no longer available and the unit is under 3 years old it will be replaced with a unit of like kind. (This price will not exceed the price of the current unit when purchased new)
- If the unit is 4-5yrs old and being replace we will cover 75% of value with original receipt or $250 without a receipt.
- If the unit is 6yrs or older we will reimburse the original manufacturers suggested retail price or $250 – which ever is less.
- What are some of the advantages in providing RESTORA-HOME as a gift?
- No Inspection required, No age restrictions on the home, appliances, or systems, Added value on the sale, prevents nuisance calls after closing and protects your interest as an agent.
- The customer has two fridges (specified items etc.), are they both covered?
- No. Coverage is limited to only one item. If the customer has more then one of the same appliance coverage is limited to the first product for which they request repair service in that policy term.
- Is there a limit on the number of times an appliance or system can be fixed?
- No, the policy covers the item until it is in working order, replaced or a fixed dollar value is provided for older items to go towards replacement until maximum aggregate is reached.
- What are the advantages of adding RESTORA-HOME on a home being sold for the seller?
Our program provides a competitive edge and added protection. It allows agents to spend more time selling and less time answering nuisance calls regarding potential breakdowns. It protects the agents “insurable interest”.
For example: Your client says everything in the house is in good working order. The new homeowner moves in and now is faced with a $800-dollar bill to fix the refrigerator. This could easily fall back onto the selling agent.
If the plan was purchased at closing date the answer is simple. Please call 1-855-666-7788.
If not, there is now a lot of work to rectify the situation and it usually ends up where cash is out of hand of the agent. In some cases, realtors are sued even though it’s not their responsibility.
How the situation is handled can hurt the realtor’s reputation and referral network. This protection plan prevents breakdowns becoming the realtor’s concern.
- Are there coverage exclusions?
- Yes, as any type of policy there are certain items excluded. This is outlines in our wordings which accompany each policy purchase. Its is recommended that the wordings are read in full.
- How do we pay?
- VISA or MasterCard
- Who is Northbridge General Insurance Corporation? (Underwriter)
- Northbridge General Insurance Corporation is the insurer who underwrites the protection plan and who is ultimately responsible for paying any claims.
- Who is Rhodes & Williams Ltd.? (Broker of Record)
- Rhodes & Williams Ltd. Is RESTORA-HOME’s national broker of record.
- How do I sign up?
- Visit www.restoralink.ca and enter your details under Realtor Sign Up.
- How does RESTORA-LINK work?
- Once you have submitted your information for sign up you will receive an e-mail confirmation within 24 hours. This will include a link where you can then log into the system, enter your listings, quote, email, print, track, report and even pay for the protection plan.
- What free marketing materials are available?
- Profile on the Real Estate Channel website (links to your personal website)
- RESTORA-HOME Brochures
- What is the claims process? How do I make a claim and what happens after I do?
If you have a problem with any of the covered products you must contact our claims department, at 1-855-666-7788 Ext. 2, before doing any repairs. Unauthorized repairs are not covered. Our claims department accepts calls 24/7 and can operate in a number of different languages.
A technician will schedule an appointment within a reasonable timeframe during regular business hours (8am-5pm). Special effort will be made to expedite emergency situations.
- Does the policy cover parts and labour?
- Yes, parts and labour are covered.
- If the product is still under manufacturers warranty does coverage still apply?
- The Manufacturer’s warranty is considered to be primary coverage. Meaning the manufacturer will respond first. We will pay for covered repair expenses in excess of the manufacturer’s warranty up to the limits of the policy.
- Is there a deductible or service fee when a claim is made?
- Yes, - There will be a $50 deductible per claim payable to the servicer at the time of repair.
- Do the repairs come with a guarantee?
- Yes, we guarantee the quality of work meets the customer’s standards.
- Can the customer choose the repair centre?
- We prefer to use our approved technicians to ensure prompt and quality repairs. If the customer has a preferred service technician, they must first request this to the claims administrator for approval prior to work being done. Unauthorized repairs will not be covered.
- Is there coverage for rental properties?
Coming Soon!! A landlord program is in the works, please visit www.restorahome.ca for updates.
Remember it’s not if it will happen, it’s when.